In the early stages of planning for the sale of their business and a shift to retirement, the long-term owner-occupier of 2 & 16/120 Bloomfield Street, Cleveland first approached Nathan Moore at Ray White Commercial Bayside in 2017 to provide commentary around market rentals. The owner outlined that following the sale of their established medical practice, they would likely sell the property, with the new business owner remaining as a long-term tenant. Furnished with this information and with a view to improving their position when they were ready to sell the property, we were able to share additional insight and advice regarding ‘non-negotiable’ aspects of leases that would be minimum expectations of investors.
The owner proceeded with the sale of the business and gradual progression to retirement, then once again contacted Nathan Moore, this time seeking recommendations on the sale of the property. It was clear that the strength of the new lease (which incorporated the majority of our suggestions), together with the tenant continuing to operate as a ‘General Practice’, that this property represented a highly desirable investment opportunity.
After considering the quality and location of the property, the strength of the lease, the current market conditions and the benefits of all methods of sale, the seller agreed with our proposal to take the property to Auction. To strategically target investors, we implemented a carefully constructed 4-week advertising campaign, which generated tremendous local and interstate enquiry.
Despite rejecting a number of early submissions, a solid offer including an aggressive price and Auction terms was received from Sydney-based investors just a few days prior to Auction, and was ultimately accepted by the owner.
The seller benefitted immensely from discussing their long-term plans with us well in advance of making any decisions. This provided the opportunity for them to adjust their timing and refine their lease terms, which proved critical in achieving a great result.
Property can be a slow-burn, and it’s important to get trusted advice before making any decisions. To profit from working with the best in the business, contact Nathan Moore at Ray White Commercial Bayside today to discuss your commercial property goals.
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